Inaugural CAFIN Workshop

CAFIN hosted the inaugural workshop on April 25 and 26, 2014, at UC Santa Cruz. It brought together researchers from both academic and policymaking institutions to cover topics CAFIN considers a "Grand Challenge" for the modern global economy: Systemic Risk, Market Design, and Financial Access. 

Below was the conference schedule. Please find more detailed information about the conference participants and the papers presented in the links at the bottom of the page. 

CAFIN is immensly thankful to its financal supporters, including the Division of Social Sciences, the UC Santa Cruz Foundation Board, and the Stephen Bruce Trust.

The conference took place in Room 499 on the 4th floor in the Engineering 2 Building. 

Friday, April 25

8:00-8:45

Breakfast

8:45-9:00

Welcome and Introduction

9:00-10:00

Chair: Athanasios Kottas, UCSC

“‘Near-Coincident’ Indicators of Systemic Stress” Paper Slides

Laura Kodres, Division Chief, Asian Division, Institute for Capacity Development, International Monetary Fund

Discussant: Michael Hutchison, UCSC Slides

10:00-11:00

“Measuring Investors’ Risk Appetite in Emerging Markets” Slides

Fatih Kiraz, Turkish Central Securities Depository, and Emrah Sener, Assistant Professor of Finance, Ozyegin University, Istanbul

Discussant: Marius Rodriguez, SF Fed

11:00-11:20

Coffee Break

11:20-12:20

Chair: Michael Hutchison, UCSC

“The Offshore Renminbi Exchange Rate: Microstructure and Links to the Onshore Market” Paper Slides

Yin-Wong Cheung, Head and Chair Professor, Department of Economics and Finance, City University of Hong Kong

Discussant: Grace Gu, UCSC Slides

12:20-1:30

Lunch

1:30-2:30

Chair: Dan Friedman, UCSC

The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response” Paper Slides

Peter Cramton, Professor, Department of Economics, University of Maryland

Discussant: Greg Laughlin, UCSC Slides

2:30-3:30

"Competing on Speed" Paper Slides

Emiliano S. Pagnotta, Assistant Professor of Finance, Leonard N. Stern School of Business, New York University 

Discussant: Eric Aldrich, UCSC Slides

3:30-3:50

Coffee Break

3:50-4:50

Chair: Raquel Prado, UCSC

“Do Retail Traders Suffer from High Frequency Traders?" Paper Slides

Katya Malinova, Assistant Professor, Department of Economics, University of Toronto

Discussant: Abel Rodriguez, UCSC Slides

Saturday, April 26

8:15-9:00

Breakfast

9:00-10:00

Chair: Jose Lopez, SF Fed

“Credit Rationing in Informal Markets: The Case of Small Firms in India” Paper

Sankar De, Professor, Department of Economics, Shiv Nadar University

Discussant: Johanna Francis, UCSC and Fordham Slides

10:00-11:00

“Do Firms in Developing Countries Grow as They Age?” Paper Slides

Meghana Ayyagari, George Washington University and Vojislav Maksimovic, William A. Longbrake Chair in Finance, Robert H Smith School of Business, University of Maryland

Discussant: Ila Patnaik, NIPFP Slides

11:00-11:20

Coffee Break

11:20-12:20

Chair: Yin-Wong Cheung, CityU HK

"International Evidence on Bank Funding Profiles and Performance: Are Banks 'Overbanked'?” Paper Slides

Jose Lopez, Vice President, Risk Modeling Research and Bank Surveillance, Federal Reserve Bank of San Francisco and Mark Spiegel, Vice President and Director, Center for Pacific Basin Studies, International Research, Federal Reserve Bank of San Francisco

Discussant: Kenneth Kletzer, UCSC Slides

12:20-1:30

Lunch

1:30-2:30

Chair: Michael Dooley, UCSC

“International Coordination in Addressing Spillovers: Problems and Solution Strategies” Paper Slides

Ila Patnaik , RBI Chair Professor, National Institute of Public Finance and Policy

Discussant: Laura Kodres, IMF Slides

2:30-2:50

Coffee Break

2:50-4:50

Panel

Chair: Nirvikar Singh

Fixing Finance in the 21st Century

Laura Kodres, Division Chief, Asian Division, Institute for Capacity Development, International Monetary Fund

Michael Dooley, Professor of Economics, UC Santa Cruz

Mark Spiegel, Vice President, Federal Reserve Bank of San Francisco Slides

See Also